Lagos State Governor, Babatunde Fashola, on Wednesday said the arguments that the state was losing businesses had been exposed as mere fallacy as investments continued to pour into the state.Fashola, at the inauguration of Ikeja Shopping Mall, explained that the mall, which cost $97m, showed rather that the Lagos economy was increasingly diversifying to empower service providers as well as small and medium enterprises.He said, "The numbers of new small businesses that are opening or expanding their outlets are the measures of real growth in any economy. Everywhere you see a mall opening it is a positive sign for that economy. "It speaks of an increasing demand for outlet spaces for small businesses like eateries, salons, grocery shops, cell phone and IT outlet stores, jewelers, ice cream, popcorn and entertainment outlets like cinemas which are the things we will see in this mall of 94 outlets." The governor said the opening of the mall would also generate employment as different ventures moved into the mall to do business. "I expect that small businesses who carry out cleaning and maintenance, and those who provide security services will find employment here. Indeed, every new mall is a new destination that provides expanding demand for new route services to transport providers like buses and taxis," Fashola said. He explained that the government was committed to the mall by allocating the land, granting necessary approvals and standing by the investors at all times.He added that the governments commitment was informed by business and other life-style considerations.He said, "It was our desire to use it to redistribute traffic away from the Lekki Mall and in that way re-energise the Ikeja Central Business District and its environs as a stand-alone and self- sufficient business districts for almost four million residents. That will ultimately reduce the uni-directional traffic we see on a daily basis between the Mainland and the Island."Fashola urged the investors to consider other areas of the state for investment. "Badagry, Ikorodu and Alimosho are areas of Lagos with markets driven by sheer population to justify another mall."He said at their first meeting in 2008, he had told the investors he wanted collaboration in three areas, namely increased power generation in Ijora Power Station to power, at least, 250,000 homes, Intra-City Rail Development and a new city mall. He said the Ijora Power Station had not happened because the state government "is not in control and the regulatory environment needs urgent deregulation. The construction of the intra-city rail is now a reality with the development of the Blue Line along the Lagos-Badagry corridor and we gather here to witness the opening of the mall that is definitive to the expanding frontiers of opportunity within our state."
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